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-fragile system is one in which mistakes are small and bring long-term benefits. we want to be in that environment and environment that ben filths of mistakes. >> i hear what you're saying. shifting the debt burden from the federal government and states and federal government is a better position to carry debt. states have these constitutional balance budget amendments and bail out the states, isn't it? >> this is exactly the problem we have is that the government finds it easy to borrow and runaway deficit. let me explain the big thing. a project in the uk where we have good data, 100 million pounds, uk project, 30% more cost overruns than 5 million project. small is beautiful and more efficient than you think. so having the government, centralized one bureaucrat make a mistake, okay, massive consequences. it looks okay until they make a mistake. it's a lot bigger. plus, another thing. there's no skin in the game on a part of bureaucrats. bureaucrat makes a decision. that's the central thing. federalize the system and i was asked how to make the financial industry better. force people to have ski
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